Colombia increased its target for bond auctions this year as lower crude prices and weaker economic growth widen the fiscal gap.

The government plans to auction 34 trillion pesos ($8.2 billion) of local government bonds known as TES this in 2023, from a previous forecast of 27 trillion, Public Credit Director Jose Roberto Acosta said.

Next year, the government plans to sell 37 trillion of the securities, Acosta told reporters in Bogota.

The nation also plans to raise $6 billion overseas next year, from debt sales and multilateral loans, according to the Finance Ministry’s medium-term financial plan, published Wednesday.

The Finance Ministry is now forecasting a 2023 budget deficit of 4.3% of GDP from a previous estimate of 3.8%, Finance Minister Ricardo Bonilla said in his presentation of the report.

That would still be within the limits of Colombia’s fiscal rule, or balanced budget act, and is down from 5.3% in 2022, he said.

The ministry increased its forecast for economic growth this year to 1.8%, from a previous estimate of 1.3%. Even so, that’s down from 7.5% last year.

Bonilla reiterated his commitment to phasing out fuel subsidies, saying that they reduce the amount of money for social spending, which is the government’s priority.

(Adds government debt sales from first paragraph.)